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Stocks

Deutsche Bank Mistakenly Transfers $6 Billion to Client's Account

Photo: Ralph Orlowski/Reuters By Jenny Strasburg and Chiara Albanese Chiara Albanese The Wall Street Journal CANCEL Biography @chiaraalbanese Google+ [email protected] Oct. 19, 2015 3:38 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.43 % erroneously transferred $ 6 billion to a hedge-fund client’s custody account in June after a junior foreign-exchange trader misunderstood instructions calling for a much smaller payment, according to a person familiar with the matter. The error was reversed in 24 hours and the German lender recovered the money, the person said. The erroneous transaction was first reported by the Financial Times. The mistake, which involved a

October 19, 2015
Stocks

Look Beyond Verizon's Headline Numbers

ENLARGE A Verizon worker in Newark, N.J., in 2011. Analysts expect Verizon to report third-quarter earnings per share of $ 1.02, up from 89 cents a year ago. Photo: Mel Evans/Associated Press By Miriam Gottfried Miriam Gottfried The Wall Street Journal CANCEL Biography @miriamgottfried miriam.gottfried Google+ [email protected] Oct. 19, 2015 2:46 p.m. ET 1 COMMENTS There is a mysterious phenomenon afoot in the U.S. wireless industry. The competition has never been fiercer, yet the two big incumbents are poised to report record third-quarter wireless margins. The secret to how Verizon Communications VZ 0.00 % and AT&T T -0.59 % are

October 19, 2015
Stocks

Little-Known Beijing Stock Market Sees Surge of IPOs

ENLARGE By Wei Gu Wei Gu The Wall Street Journal CANCEL Biography @weigu [email protected] Oct. 19, 2015 3:30 p.m. ET 0 COMMENTS HONG KONG—A little-known stock market based in Beijing has become a magnet for companies looking to list their shares, as the gloom hovering over the country’s more famous trading hubs persists. Regulators have blocked initial public offerings on China’s biggest markets in Shanghai and Shenzhen since July to curb the supply of new shares available for trading, part of a series of measures taken to combat a sharp fall in Chinese stocks that began in the summer. But

October 19, 2015
Stocks

Deutsche Bank Shares Rise After Shakeup

ENLARGE Deutsche Bank managers held meetings and conference calls with employees in London, New York and Frankfurt, above. Photo: Martin Leissl/Bloomberg News By Jenny Strasburg and Jenny Strasburg The Wall Street Journal CANCEL Biography @jennystrasburg Google+ [email protected] Juliet Samuel Juliet Samuel The Wall Street Journal CANCEL Biography @CitySamuel [email protected] Oct. 19, 2015 1:46 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.48 % employees and investors on Monday positively graded the lender’s management and organizational overhaul, saying they welcomed clarity on how businesses will be judged going forward. They also said next week will be crucial to understanding Deutsche Bank’s

October 19, 2015
Stocks

For Hedge Funds, a Can't-Miss Trade Goes Bust

ENLARGE Magnetar Capital, led by Alec Litowitz, has seen an energy fund fall 12% this year through the end of September. Photo: John Konstantaras/Magnetar/Associated Press By Rob Copeland Rob Copeland The Wall Street Journal CANCEL Biography @realrobcopeland [email protected] Oct. 19, 2015 2:30 p.m. ET 0 COMMENTS The trade that was supposed to carry the year is ruining it instead. Hedge-fund and private-equity managers over the past year began piling into debt issued by troubled energy companies, hoping to profit off a reversal of oil’s slide. They raised billions of dollars for the effort, in many cases telling backers it was

October 19, 2015
Stocks

Why Morgan Stanley Can't Trade Its Way Out of Trouble

ENLARGE Morgan Stanley reported a 13% drop in revenue while profits fell 42% in the latest quarter. Photo: Mike Segar/Reuters By John Carney John Carney The Wall Street Journal CANCEL Biography @carney John Carney [email protected] Oct. 19, 2015 12:10 p.m. ET 0 COMMENTS The best traders are nimble. That’s often not possible for a bank’s trading business as a whole as Morgan Stanley MS -5.55 % showed Monday. The problem is that trading desks have high fixed costs that can’t necessarily be quickly brought down when revenues dry up. That can have an outsized effect on the bottom line. This

October 19, 2015
Stocks

Why Valeant's Growth Is Under Pressure

ENLARGE Valeant Pharmaceuticals’ third-quarter adjusted earnings per share and revenue topped analysts’ estimates. Above, its headquarters in Laval, Quebec, in May. Photo: Christinne Muschi/REUTERS By Charley Grant Oct. 19, 2015 2:30 p.m. ET 1 COMMENTS For Valeant Pharmaceuticals International, VRX -7.73 % what has worked in the past might not in the future. Valeant’s latest earnings report contained everything investors usually want to hear. It reported third-quarter revenue of $ 2.8 billion and adjusted earnings per share of $ 2.74. Both topped analysts’ estimates. And the company once again raised its full-year guidance for the top and bottom lines. Ordinarily,

October 19, 2015
Stocks

Deutsche Bank Shake-Up Leaves Traders Exposed

ENLARGE John Cryan, the new CEO of Deutsche Bank, looks to have designed the bank’s shakeup of its business divisions with a loser in mind. Photo: Agence France-Presse/Getty Images By Paul J. Davies Paul J. Davies The Wall Street Journal CANCEL Biography @PaulJDavies [email protected] Oct. 19, 2015 7:53 a.m. ET 0 COMMENTS When capital is tight, businesses must fight to show why they should be given it. Deutsche Bank DB 2.43 % has been struggling in that battle: that is why it trades at the biggest discount to book value of any big global bank. The German lender’s shake-up of

October 19, 2015
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What is Difference Between Savings Account and Current Account?
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What is Difference Between Savings Account and Current Account?

By  On October 19, 2015 No Comments
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This article is answer to one of our reader’s question about what is the difference between savings account and current account?. This is very common confusion among most of the bank’s customers that what is the purpose of savings account and the current account. Some companies maintain current account for the employees apart from the savings account for crediting non-salary related money to that account. Employees would have thought that why don’t use savings account for the transactions and why there is separate current account for them. This article explores the very basic difference for both the accounts. If you have any questions, please write it in the comments section.

Saving-Account-And-Current-AccountSavings Account

As the name indicates, this account is meant for the savings. Any individual can open the savings account singly or as a joint account. He can maintain a minimum balance of specified amount, this is vary among the PSU banks and private banks. If the minimum balance is not maintained, a charges will be levied from the balance amount or will be adjusted as the negative balance. Savings bank account carry a interest rate for the deposits in the bank account. This interest rate is de-regulated and vary for each bank. Most of the banks offer 4% as the standard interest rate for the savings account. Saving account is operated by salary earners, small traders and others.

If you are doing many transactions with high amount in the savings account, banks has the right to ask the source of income for the transactions. If the total amount of transaction is above Rs. 10 lacs for a year, bank will report to the IT department.

Current Account

Current account is mainly for the firms, organizations, companies and public enterprises. Current account can not be opened by the individual to deposit their savings. It is mainly for the purpose of business operations. There is no interest paid on the amount deposited on current account. Also there is no restriction on number of transaction in the account. One can do transaction for any amount in the current account, banks will not have right to monitor the current account. (Refer HDFC Bank Current Account)

Look into the below table for the overview of difference for savings and current accounts.

Savings Account and Current Account Difference

Savings Account and Current Account Difference

I hope you have the basic idea on savings account and current account. If you have any questions, please write it in the comments section.

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